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WEDNESDAY, MARCH 30, 1988
SIR DAVID ENDED HIS VISIT BY TOURING THE LO WU TERMINAL, THE LARGEST PASSENGER TERMINAL AT THE BORDER.
HE WAS TOLD THAT LAST YEAR, 22. 9 MILLION PASSENGERS PASSED THROUGH LO WU, AN INCREASE OF NEARLY 22 PER CENT OVER 1986.
COMPUTERISED IMMIGRATION CONTROL WAS INTRODUCED AT LO WU ON AUGUST 1 LAST YEAR. ABOUT 85 PER CENT OF THE PASSENGERS THERE ARE HONG KONG RESIDENTS USING THREE-ASTERISK HONG KONG IDENTITY CARDS.
"THE EVER INCREASING
NUMBER OF PEOPLE AND VEHICLES MOVING BETWEEN HONG KONG AND CHINA SHOWS HOW MUCH ECONOMIC RELATIONS ARE IMPROVING, SIR DAVID SAID.
**WE MUST MAKE SURE THAT WE HAVE THE FACILITIES TO COPE WITH THE CONSTANTLY INCREASING DEMAND.
"THE SIMPLIFIED IMMIGRATION CONTROL SCHEME HAS BEEN A GREAT SUCCESS AND A GREAT BENEFIT TO TRAVELLERS,"
FS EXPLAINS OBJECTIVE IN REGULATING FINANCIAL SECTOR
FINANCIAL
STANDARDS
CHANGES WILL HAVE TO BE MADE TO BRING HONG KONG'S REGULATORY FRAMEWORK AND MARKET STRUCTURES FULLY UP TO THE NOW EXPECTED OF A MAJOR INTERNATIONAL FINANCIAL CENTRE, THE FINANCIAL SECRETARY, MR PIERS JACOBS, SAID TODAY (WEDNESDAY).
LESSONS HAD BEEN LEARNT AND THE GOVERNMENT WAS DETERMINED TO OVERHAUL THE REGULATORY SYSTEM WITHOUT DELAY SO THAT THE INTEGRITY OF THE MARKETS WOULD BE PROTECTED AND HONG KONG'S CONTINUING SUCCESS AS A FINANCIAL CENTRE WOULD BE ENSURED, HE SAID.
MR JACOBS WAS ADDRESSING A LUNCHEON MEETING OF THE HONG KONG MANAGEMENT ASSOCIATION'S FINANCE MANAGEMENT COMMITTEE.
REGULATION OF THE SECURITIES MARKET HAD TRADITIONALLY BEEN CONDUCTED WITHIN THE FRAMEWORK OF THE SECURITIES ORDINANCE ENACTED IN 1974, A TIME WHEN HONG KONG'S SECURITIES MARKET WAS VERY DIFFERENT FROM WHAT IT WAS TODAY, MR JACOBS SAID.
SINCE THEN, THE RAPID GROWTH IN BUSINESS HAD BEEN FAR BEYOND EXPECTATIONS, AND THE INFLUX OF INTERNATIONAL STOCKBROKING HOUSES HAD HELPED TO TURN A LARGELY DOMESTIC MARKET INTO AN INTERNATIONAL ONE.
"CLEARLY, A